However, this only further illuminates the exponential rise of online business today. Considering that the internet is still largely in its infancy, as the modern conveniences give way to near-instant delivery of products via drones, 3D printing and other means, and as virtual and augmented reality help to improve the online shopping experience, nearly all our commerce will eventually be conducted through online channels rather than offline channels.
But if you do go the fashion route, be prepared to do quite a bit of networking before you get your business off the ground. Don’t be afraid to do free consultations for contests and giveaways. The more word gets around about your fabulous fashion sense, the larger a clientele you’ll build. If you’re really good, you can start this business with little to no training.
Another option is to open a franchise of an established company. The concept, brand following and business model are already in place; all you need is a good location and the means to fund your operation. Regardless of which option you choose, it's vital to understand the reasoning behind your idea. Stephanie Desaulniers, director of operations and women's business programs at Covation Center, cautions entrepreneurs from writing a business plan or worrying about a business name before nailing down the idea's value.
Many people buy and sell domain names to earn money online since it takes very little time or investment. You can purchase a domain at its registration price or even much cheaper and then resell it for a profit. But, it always pays to do your homework first on websites like Afternic.com, Sedo.co.uk, or other domain auction websites in order to get a good idea of what’s popular in terms of domain names. An ideal way to find really good names is to check out terminated lists that offer many expired names and have made their way back into the pool for people to buy. A good site for this is expireddomains.net where you can put in your desired keyword that you want in your domain name and a long list of domain options will appear.
Then don’t sell YOUR product or skills for $5. Other people, your competitors, are allowed to do whatever they want. If someone makes a product and markets it for $5, while you make a product that YOU consider to be much more valued and market it for $100, the consumer still has the power of deciding what they would rather spend their money on. I’ve worked in the culinary industry for 10+ years and the saying I’ve always heard is that if you can’t handle the heat, then get out of the kitchen. Anyone can tell you if something tastes good or bad, but that doesn’t mean they can create high quality meals like I can. That being said…
If you're ready to enter the ecommerce fray, you could sell your own stuff. Of course, along with selling your own stuff on your own website comes a whole slew of both responsibilities and technical configuration and requirements. For starters, you'll need a website and a hosting account. You'll also need a merchant account like ones offered by Stripe or PayPal. Then you'll need to design that site, build a sales funnel, create a lead magnet and do some email marketing.
Once a site or blog is created and optimized for SEO (search engine optimization) purposes, the search engine marketing (SEM) begins. The potential for earning income in this area is literally through the roof if you know what you’re doing. An expert in SEO management is responsible for successfully marketing a website and can choose to promote it in a variety of ways.
If you love to travel and find yourself randomly searching for airfare sales or browsing Lonely Planet, why not carve out a niche for yourself as a private travel agent? My friend, Mark Jackson did just that, making extra money online with his travel consulting side business. Start with word of mouth recommendations from friends who know they can count on you for the cheapest flights, and then move on and create a Facebook or LinkedIn group to invite people who want to stay on top of the latest deals. Eventually you could spin this into a full-time consultancy teaching people how to make their dream trip a reality.
There are loads of resources for making money online as an affiliate. You could source products from ClickBank, Commission Junction, Rakuten Marketing, Share-a-Sale, Impact Radius and many others. Plus, many of the larger companies have their own affiliate programs as well. Do your due diligence and find the right company with a relevant product or service to your audience that you can sell as an affiliate.
Dennis Shirshikov is a small business finance writer here at Fit Small Business. Before joining the team, he worked with firms like Cantor Fitzgerald and BGC Partners. He then earned his master’s with a focus in Financial Risk Modeling and spent much of his career working in the startup space as a consultant and as a founder. When not working with small businesses, Dennis also teaches Economics at Queens College.
However, if you're looking for realistic ways you can start earning money online now, then it really truly does boil down to seven paths you can take towards profit. Some will provide you with immediate results, helping you to address your basic monthly necessities such as rent, utilities and groceries, while others have the potential to transform your life by revolutionizing your finances in the long term.
The restaurant chef is not the only person that has a say on what goes on the menu. High-end restaurants often find themselves indecisive when it comes to the food they want to serve, especially as seasons change. A menu planning business is a very low-cost idea, but is perfect for those who love to work with food without any direct involvement in preparing or serving it. Many places are willing to hire a consultant to design their seasonal menus, so visit local restaurants and make them aware of your culinary skill set.
Sure, there are a lot of graphic designers out there, but there are far more Websites, companies and organizations in need of design work than there are designers. That’s the good news. The more difficult news is that graphic design does require a certain level of expertise and possibly some pricey software, although designers can often get by without necessarily having the most expensive applications on the market.